ArcelorMittal reports third quarter 2021 results

1 ArcelorMittal reports third quarter 2021 results Luxembourg, November 11, 2021 - ArcelorMittal (referred to as ArcelorMittal or the Company ) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results1,2 for the three-months and nine-months period ended September 30, 2021. Highlights: Health and safety performance: Protecting the health and wellbeing of employees remains the Company's overarching priority; LTIF rate3 of in 3Q 2021 as compared to in 2Q 2021; in 9M 2021. Improved operating results in 3Q 2021, with a positive evolution of steel spreads more than offsetting lower steel shipments17 (vs. 2Q 2021) due to weaker demand (in particular automotive order cancellations) as well as production constraints and order shipment delays which are expected to reverse in 4Q 2021. 3Q 2021 operating income of $ compares to $ in 2Q 2021. EBITDA of $ in 3Q 2021, the strongest quarter since 2008 and higher than 2Q 2021.

2 Share of JV and associates net income in 3Q 2021 of $ including solid performance at AMNS India4 and AMNS Calvert5. Net income of $ in 3Q 2021 is the highest level since 2008 (vs. $ in 2Q 2021)6. Lower steel shipments and price impacts led to $ investment in working capital during 3Q 2021. Free cash flow (FCF)14 of $ generated in 3Q 2021 ($ net cash provided by operating activities less capex of $ less minority dividends $ ); Company expects a working capital release to support higher FCF in 4Q 2021. Gross debt declined by $1bn to $ (vs. $ as end of 2Q 2021 and $ as end of 2020); net debt declined to $ , the lowest level since the merger (vs. $ as end of 2Q 2021 and $ as end of 2020). Strategic update: Consistently returning capital: Based on strong 3Q 2021 cash flow, share buyback increased by a further $ , bringing the capital returns announced since September 2020 to $6bn Continued leadership on decarbonization: Post 2Q 2021 results , ArcelorMittal and the Government of Canada announced a plan to invest CAD$ in order to reduce CO2 emissions at Dofasco by ; finalizing Government of Canada support and in discussions with Government of Ontario ArcelorMittal Mines Canada (AMMC) to invest CAD$205m in its Port-Cartier pellet plant, enabling this facility to convert its entire 10 Mtpa annual pellet production to DRI pellets by the end of 2025.

3 The Company signed a letter of intent with the governments of Belgium and Flanders, supporting investment in decarbonization technologies at its flagship Gent plant ArcelorMittal joined Breakthrough Energy's Catalyst program as an anchor partner The Company contributed to the development of the Mission Possible Partnership's Net Zero Steel Strategy, published in October 2021 with Energy Transitions Commission and the Rocky Mountain Institute Strategic growth: ArcelorMittal has signed on September 10, 2021, with the Government of the Republic of Liberia an amendment to its Mineral Development Agreement which, upon ratification, will lead to the acceleration of construction of the 15 Mtpa concentrator plant project ("phase 2 expansion"); with further expansion opportunities to 30 Mtpa AMNS India completed construction of a 6 Mtpa pellet plant in Odisha taking its pellet capacity up to 20 Mtpa and commenced operations at the Ghoraburhani-Sagasahi iron ore mine in Odisha with capacity During the quarter , the Company approved strategic investments to strengthen its Long products businesses in Brazil (Monlevade expansion, previously on hold ) and further vertically integrate its Mexico operations through investments at Las Truchas (Mexico) and Serra Azul (Brazil) iron ore mines Financial highlights (on the basis of IFRS1,2): (USDm) unless otherwise shown 3Q 21 2Q 21 3Q 20 9M 21 9M 20.

4 Sales 20,229 19,343 13,266 55,765 39,086. Operating income 5,345 4,432 718 12,418 112. Net income / (loss) attributable to equity holders of the parent 4,621 4,005 (261) 10,911 (1,940). Basic earnings / (loss) per common share (US$) ( ) ( ). Operating income/ (loss) / tonne (US$/t) 366 276 41 263 2. EBITDA 6,058 5,052 901 14,352 2,575. EBITDA/ tonne (US$/t) 414 314 52 304 50. Crude steel production (Mt) Steel shipments (Mt) Total group iron ore production (Mt) Iron ore production (Mt) (AMMC and Liberia only) Iron ore shipment (Mt) (AMMC and Liberia only) Number of shares outstanding (issued shares less treasury shares) (millions) 971 1,019 1,089 971 1,089. Note: As previously announced, effective 2Q 2021, ArcelorMittal has amended its presentation of reportable segments to report the operations of AMMC and Liberia within the Mining segment. The results of each other mine are accounted for within the steel segments that it primarily supplies; as from 2Q 2021 onwards, ArcelorMittal Italia is deconsolidated and accounted for as a joint venture.

5 Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said: Our third quarter results were supported by the continuing strong price environment, resulting in the highest net income and lowest net debt since 2008. However, this success has been outweighed by our safety results . Improving the group's safety performance is of the highest priority. We have already this year significantly strengthened our safety procedures and will be analyzing what further interventions can be introduced to ensure we eliminate all fatalities. At the beginning of the quarter , we announced an ambitious 2030 CO2 reduction target, backed by plans to invest in various decarbonization initiatives. It is our stated aim to lead the steel industry's important role in ensuring the global economy achieves net zero. That is why we joined Breakthrough Energy Catalyst, are collaborating with the Science Based Targets initiative on a new methodology for the steel sector and are supporting the Industrial Deep Decarbonization Initiative's campaign for green public procurement, which was launched at COP26 this week.

6 Despite the volatility we continue to see as a result of the ongoing presence and repercussions of COVID-19, this has been a very strong year for ArcelorMittal . We have re-positioned our balance sheet, re-set ourselves for the transition to a low-carbon economy, we are growing strategically through high-quality, high-return projects and we are returning capital to shareholders. We are aware of the challenges but excited by the opportunities that will exist for steel in the coming years and beyond.. The outlook remains positive: underlying demand is expected to continue to improve; and, although marginally off the recent record highs, steel prices remain at elevated levels, something which will be reflected in the annual contracts for 2022.. Sustainable development and safety performance Health and safety - Own personnel and contractors lost time injury frequency rate Protecting the health and wellbeing of employees remains the Company's overarching priority with ongoing strict adherence to World Health Organization guidelines (in respect of COVID-19), and specific government guidelines have been followed and implemented.

7 Health and safety performance based on own personnel and contractors lost time injury frequency (LTIF) rate was in the third quarter of 2021 ("3Q 2021") as compared to for the second quarter of 2021 ("2Q 2021"). Prior period figures have not been recast for the ArcelorMittal USA disposal which took place in December 2020 and exclude ArcelorMittal Italia (which is now accounted for under the equity method) for all periods. Health and safety performance in the first nine months of 2021 ( 9M 2021 ) was as compared to in the first nine months of 2020 ( 9M 2020 ). The Company's efforts to improve its health and safety record aim to strengthen the safety of its workforce with an absolute focus on eliminating fatalities. A change to the Company's executive remuneration policy has been made to reflect this focus. Own personnel and contractors - Frequency rate Lost time injury frequency rate 3Q 21 2Q 21 3Q 20 9M 21 9M 20. NAFTA Brazil Europe ACIS Mining Total Key sustainable development highlights during the quarter : Further projects announced to meet the Company's 2030 CO2 reduction target by 2030.

8 ArcelorMittal announced with the Government of Canada its intention for a CAD$ billion investment in decarbonization technologies at ArcelorMittal Dofasco's plant in Hamilton. The intended investments would reduce annual CO2 emissions at ArcelorMittal 's Hamilton, Ontario operations by approximately 3Mt within the next seven years. The Company signed a letter of intent with the Governments of Belgium and Flanders, supporting a billion project to build a direct reduced iron (DRI) plant at its site in Gent, as well as two new electric furnaces. On November 3, 2021, ArcelorMittal and the government of Quebec announced a CAD$205 million investment by AMMC in its Port-Cartier pellet plant, enabling this facility to convert its entire 10Mt annual pellet production to DRI. pellets by the end of 2025. The investment, in which the Quebec government will contribute through an electricity rebate of up to CAD$80 million, will enable the Port-Cartier plant to become one of the world's largest producers of DRI pellets, the raw material feedstock for ironmaking in a DRI furnace.

9 The project will deliver a direct annual CO2e reduction of approximately 200,000 tonnes at AMMC's Port-Cartier pellet plant, equivalent to over 20% of the pellet plant's total annual CO2e emissions. Further investments in the Company's XCarbTM Innovation fund10: ArcelorMittal has become an anchor partner in Breakthrough Energy's Catalyst program, committing to an equity investment of $100 million over the next five years. Catalyst, launched earlier this year, is a new model for how companies, governments and private philanthropy can finance, produce, and ensure widespread adoption of next-generation clean technologies. The program will initially focus on four decarbonization technologies: direct air capture (DAC); green hydrogen; long-duration energy storage (LDS); and sustainable aviation fuel (SAF). Industry recognition for excellence: On October 13, 2021, ArcelorMittal was announced as a Supplier Sustainability Award winner at Ford Motor Company's virtual event.

10 Ford's World Excellence Awards recognize companies that exceed expectations and achieve the highest levels of excellence in quality, cost, performance and delivery. Net Zero Steel Strategy: as a member of the Energy Transitions Commission, ArcelorMittal participated in the development of the Mission Possible Partnership's Net Zero Steel Strategy, published in October 2021 with Energy Transitions Commission and the Rocky Mountain Institute. The report elaborates two net zero scenarios for steel by 2050, differentiated by the level of coordinated global action to support the transition this decade. Page 4. Analysis of results for 3Q 2021 versus 2Q 2021 and 3Q 2020. Total steel shipments in 3Q 2021 were , lower as compared with in 2Q 2021 due to weaker demand (in particular automotive) as well as production constraints and order shipment delays which are expected to reverse in 4Q 2021. Adjusted for the change in scope ( excluding the shipments of ArcelorMittal Italia11, deconsolidated as from April 14, 2021).